Brazil-based Senhasegura, a privileged access management (PAM) solution provider, has raised $13m in its Series A investment round.
The capital injection was supplied by Graphene Ventures, a Palo Alto-based investor focused on the enterprise software and SaaS sectors.
With the funds, the RegTech company plans to expand its global footprint and accelerate product innovation in its flagship 360º Privilege Platform. The company is looking to expand its presence in LATAM and is also prioritising North America and the Middle East.
To support this international growth, the company will hire more staff for its relevant teams. In the US, this means adding to its New York and San Francisco offices.
In October, senhasegura released a new MySafe personal password vault. In the new year, the company is looking to further expand its platform with tools to address cloud security and entitlements.
Based in Brazil, senhasegura helps companies become more secure and resilient by preventing privilege abuse from inside and outside an organisation. Its 360º Privilege Platform addresses the entire privileged access management lifecycle, including before, during, and after access.
Its solutions include security and risk management, compliance and audit, cloud IAM, privileged identity, privileged access, privileged auditing and more.
senhasegura co-CEO and co-founder Artur Assed said, “The numbers we achieved as a bootstrapped company between 2018 and 2021 – 71% CAGR in bookings and 5.6X growth in Annual Recurring Revenue (ARR) – prove our execution capability. The investment from Graphene lets us accelerate our growth and have a stronger global force in the PAM market.”
As part of the deal, Graphene Ventures founding partner Nabil Borhanu has joined the senhasegura board of directors.
Another Brazilian FinTech company to recently raise funds was Agrolend. The company, which raised $27m in its Series B, is on a mission to revolutionise the agribusiness market for small and medium-sized rural producers in Brazil.
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